Diamonds have a high marginal utility because they
a. are considered to be so useful
b. have such high total utility
c. have high consumer surplus
d. are so scarce
e. are so expensive
D
Economics
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On which kinds of goods do governments generally place price ceilings?
What will be an ideal response?
Economics
When a monopolistically competitive firm is in long-run equilibrium:
A. production takes place where ATC is minimized. B. marginal revenue equals marginal cost and price equals average total cost. C. normal profit is zero and price equals marginal cost. D. economic profit is zero and price equals marginal cost.
Economics